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Last updated: February 03 2021

Mark Your Calendar: Important Tax Milestones Coming Up

Evelyn Jacks

The next three months of 2021 are chocked full of important tax filing milestones.  Be sure you help your clients mark their tax calendars and schedule a virtual or phone meeting with you.  Here’s a handy tax milestones calendar from Knowledge Bureau.

Excerpted from the Knowledge Bureau Advanced Tax Update

 

 

February:

  • Reduce Tax Withholdings at Source:  File TD1 Tax Credits Return, T1213 Request to Reduce Tax Withholdings at Source. 
  • Feb 14:  Apply CEWS Period 12 Jan 17 – Feb 13/21
  • Feb 19:  CCB Payment
  • Feb 25:  CEWS Filing Deadline Period 6 Aug 2 -29/20
  • Assemble self-reported casual income from tips, casual employment, no-slip interest income, receipts for discretionary deductions and credits
  • File Form RC201E to apply for CWB prepayment – do so before September 1

March:

  • March 1:  RRSP contribution deadline, T4, T4A, T5 slips due; receive enrollment notice if RRSP LLP withdrawal made in the prior year
  • March 14:Apply CEWS Period 13 Feb 14-Mar 13/21
  • March 15:  quarterly tax remittance deadline (review options for reducing instalments)
  • March 19:  CCB Payment
  • March 25:  CEWS deadline Period 7 Aug 30-Sept 26
  • March 31: Tax filing due date for trusts with Dec. 31 year end,  T3 slips due, File Form T1-OVP for Excess RRSP, PRPP, SPP Contributions, final date to apply for CEBA loans

April:

  • Apr 5:CWB Advance, GST/HST Credit, CCB payment
  • April 15: US tax filing deadline.US persons in Canada Tax filing, Form 8938, 4868
  • April 22 CEWS deadline Period 8 Sept 27–Oct 24/20
  • April 30: T1 individual tax filing deadline
    • Form T1135, Foreign Income Verification Statement
    • T1ADJ - Late elections for pension income splitting for 2017 expire April 30, 2021
    • T400A: Notice of Objection File on the later of one year after filing due date or 90 days after receipt of Notice of Assessment or Reassessment or Determination

Knowledge Bureau's 2021 Advanced Tax Update Course for 2020 tax returns has been an outstanding success.  This course is the online version of the highly successful Knowledge Bureau CE Summits, which in prior years, have taken place across Canada but have now been introduced as Live Virtual national events.  It can still be purchased for staff training and includes the recorded lecturers heard at the virtual event as well as the online course and quizzes for a personal, comprehensive learning experience.  Perfect for new and returning staff.  Register online.

The CE Summits are held quarterly to update tax, bookkeeping, accounting and financial advisors in the latest tax and economic news from CRA (the Canada Revenue Agency) and Finance Canada.

2021 CE Summit Dates

May 20, 2021 September 23, 2021 November 18, 2021

2021 Retirement & Estate Planning Update

Audit Defence: Compiling Financial Statements

Year-End Tax Planning: Investors and Owner-Managers

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